India’s fourth largest Software provider, HCL Tech has beat its expectation and announced 78 percent rise in consolidated net profit for the fiscal first quarter that was ended in September.
During the month of September, company also got success in getting so many big contracts which helps company to grow its profit. During the quarter HCL has won 12 multi-year, multi-million dollar deals across service lines led by manufacturing, financial services and consumer services verticals. Market analyst were expecting profit rise to 8 billion rupees and HCL came up with more.
“A 31% y-o-y growth in revenues and a 78% growth in net income this quarter reiterates the fact that robust revenue growth can be achieved profitably. Increased wins in Fortune 500 accounts have resulted in Americas and Europe geographies growing at 34% and 37% y-o-y respectively,” said Vineet Nayar, Vice-Chairman & CEO, HCL Technologies.
“Having posted a strong 5 year CAGR growth of 23% while displaying high standards of social responsibility like local job creation and environmental commitment, we have created a business model which is both competitive and sustainable,” Shiv Nadar, added.
HCL has also hired around 950 people in this quarter. Total man power of the company is around 85,335 people.
BPO business also contributed in the company’s income which has grown around 4.5 percent of the over all company revenue. It has seen year on year growth of 7.8 percent. Infrastructure services division has grown up to 10.4% in the quarter
“A 500 bps margin expansion including wage hikes this quarter is a result of our focus on operations and delivery excellence”, said Anant Gupta, President & COO, HCL Technologies.
India’s leading software company will announce its results on Firday and we can expect some more good news.
